GCT New York

CMA CGM completes acquisition of GCT Bayonne and New York box terminals

CMA CGM Group has completed the acquisition of Global Container Terminals (GCT) Bayonne and New York terminals, aiming to strengthen its position as a global port terminal operator.

The French shipping company is now the shareholder of GCT Bayonne and New York terminals, finalising the agreement announced on 7 December 2022.

Port GCT Bayonne and Port GCT New York will expand CMA CGM’s portfolio of terminals in the United States to seven, complementing on the US East Coast the Group’s acquisition...

https://container-news.com/cma-cgm-completes-acquisition-of-gct-bayonne-and-new-york-box-terminals/

CMA CGM buys New York/New Jersey terminal operations from GCT

Shipping lines have never amassed more cash than they have in the past two years — and they’re spending it freely on everything from new ships to airplanes to tech platforms to terminal operations.

France’s CMA CGM Group, which operates the world’s third-largest ocean carrier, unveiled its latest purchase Tuesday night. It confirmed it will buy the terminal assets of Global Container Terminals (GCT) in Staten Island, New York, and Bayonne, New Jersey.

In recent months, the Port of New York and...

https://www.freightwaves.com/news/cma-cgm-buys-new-yorknew-jersey-terminal-operations-from-gct

BREAKING: New York terminal operator sues Maersk for ‘tens of millions’

container terminal

Container carriers and terminal operators could increasingly come to blows as COVID-19 rewrites the global business equation. A now-escalating court battle in New York could be a taste of things to come.

In one corner: Maersk Line and Hamburg Sud, owned by AP Moller Maersk (APM), the largest container carrier operator in the world, with group revenues of $39 billion in full-year 2019.

In the other corner: Vancouver, British Columbia-based Global Container Terminals (GCT), which operates the...

https://s29755.pcdn.co/news/breaking-new-york-terminal-operator-sues-maersk-for-tens-of-millions

GCT New York loses case against Maersk

A judge in a New York District Court has ruled that Maersk can terminate its agreement with terminal operator Global Container Terminals (GCT) New York, following an application by the group to prevent Maersk switching its port calls to its own APM Terminals in Port Elizabeth, in New Jersey.

Last week Container News reported that GCT New York had filed a lawsuit claiming a severe loss of earnings and seeking to prevent the Danish liner operator from switching its three services, NAE, ECSA and...

https://container-news.com/gct-new-york-loses-case-against-maersk/

GCT New York files lawsuit after Maersk’s terminal move

Maersk is the target of a lawsuit brought by a North American marine terminal operator after the Danish shipping giant cancelled a terminal services deal in favour of moving its boxes through a Maersk-owned site.

The lawsuit said the move will wipe out half of the container terminal’s revenue and put its financial future at risk. But Maersk says its deal allows for an early termination and its settlement offer is “generous,” given the impact of the coronavirus on shipping volumes.

Vancouver-based...

https://container-news.com/gct-new-york-files-lawsuit-after-maersks-terminal-move/